Usually, a lease terminates when its terms ends.
Answer the following statement true (T) or false (F)
True
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Which one of the following items would be subtracted from the balance per books in a bank reconciliation
a. Outstanding checks b. Deposit in transit c. Service charges d. Interest on customer note
Backhoe Construction Company recently exchanged an old truck, which cost $118,000 and was one-third depreciated, and paid $80,000 cash for a used crane having a current fair value of $140,000 . Assuming the exchange has commercial substance, at what amount should the crane be recorded on the books of Backhoe?
a. $80,000 b. $118,000 c. $140,000 d. $152,000
An 8-K is filed with the SEC when:
a. a client fails to pay its audit fees. b. there has been a change of auditors for the company. c. there has been a change of attorneys for the company. d. All of the choices are true regarding form 8-Ks.
When bonds are issued at a discount, the total interest cost is equal to the
a. interest payments less the bond discount. b. total cash paid to bondholders less cash received from bondholders. c. face value of the bond at maturity less the bond discount. d. cash received from bondholders less the bond discount.